Nigeria’s inflation hits 15.92% as energy, food prices soar
Nigeria’s headline inflation rate witnessed yet another significant uptick in the month of March as it increased by 15.92 percent on the back of soaring food and energy prices.
Nigeria’s consumer price growth surpassed 15 per cent in March, its fastest pace since last year following a surge in the cost of energy and food, maintaining pressure on the CBN to take decisive actions to tackle inflation.
The National Bureau of Statistics (NBS), in its Consumer Price Index report released on Tuesday, attributed the marginal increase to surge in global energy prices which has lingered all through the months of February and March as a result of the increased price of diesel as a result of scarcity emanating from ongoing crisis between Russia and Ukraine.
Headline inflation increased by about 0.22 percent higher than the 15.70 percent witnessed in February inflation report.
Food inflation increased to 17.20% in February as against 17.11% the previous month.
The rise in food index was caused by increases in prices of bread and cereals, food products n.e.c., potatoes, yam and other tubers, oils and fats
Core inflation, which excludes the prices of volatile agricultural produce stood at 13.91 percent month-on-month, down 0.1 percent compared to 14.01 percent in February 2021.
The highest increases under the core sub section were recorded in prices of gas, garments, cleaning, repair and hire of clothing, shoes and other footwear, liquefied fuel, tobacco, spirit, narcotics, solid fuel, cleaning repair and hire of clothing, garments, shoes and other foot wear.
